The partnership seeks to deliver faster completions with a more efficient process
Digital property exchange platform PEXA has announced a new collaboration with Metro Bank aimed at enhancing the remortgage process for customers and brokers.
The partnership will explore ways to speed up post-offer procedures, shorten remortgage completion times, and improve transparency, all while increasing capacity for Metro Bank.
“This is a fantastic opportunity for PEXA and Metro Bank to work together to reduce friction in the conveyancing process for customers and brokers,” said Glenn King (pictured left), managing director and chief executive of PEXA Group.
The collaboration comes on the heels of PEXA’s advancements in the UK market. In September 2022, PEXA launched a new payment system, enabling the country’s first fully digital remortgage transaction. The technology allows lenders to complete financial settlements directly from their accounts and work seamlessly with HM Land Registry to finalise registrations, cutting a process that traditionally takes days down to minutes.
PEXA has also worked closely with the Bank of England to create PEXA Pay, a net settlement payment system dedicated to property transactions. This system is one of only seven clearing through the Bank of England, with Metro Bank already having completed testing. In late 2022, PEXA further expanded its UK operations by acquiring Optima Legal, a provider of legal services for the UK’s fee-assisted remortgage market.
In May this year, PEXA and NatWest announced a strategic partnership aimed at delivering 48-hour remortgage transactions for NatWest customers. The initial focus is on accelerating the remortgage process, with plans to extend the use of PEXA’s platform to streamline sale and purchase transactions in the future.
“The benefits PEXA can bring to our customers and brokers are clear,” added Richard Saulet (pictured right), chief commercial officer at Metro Bank. “Following our successful testing of the PEXA settlement system with the Bank of England, we are excited to collaborate on simplifying and accelerating the remortgage journey.”
Read more: Your guide to Metro for intermediaries
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